Summary
This 8-K filing from AMB Property Corporation (predecessor to Prologis, Inc.) on August 29, 2006, details the company's issuance of 2,000,000 shares of its 6.85% Series P Cumulative Redeemable Preferred Stock. The offering, conducted under a shelf registration statement, raised approximately $47.975 million in net proceeds after expenses. These proceeds are designated for general corporate purposes, including potential property acquisitions or development, debt repayment, and working capital enhancement. The Series P Preferred Stock carries a fixed annual dividend of 6.85% ($1.7125 per share), payable quarterly. The shares have no stated maturity, sinking fund, or conversion rights. Redemption is at the company's option on or after August 25, 2011, at the liquidation preference of $25.00 per share plus accrued dividends. Holders have limited voting rights, primarily triggered by missed dividend payments.
Key Highlights
- 1AMB Property Corporation issued 2,000,000 shares of 6.85% Series P Cumulative Redeemable Preferred Stock.
- 2The offering raised approximately $47.975 million in net proceeds.
- 3Proceeds will be used for general corporate purposes, including property investment and debt reduction.
- 4The Series P Preferred Stock offers a fixed annual dividend of 6.85% ($1.7125 per share), paid quarterly.
- 5The stock has no stated maturity date or mandatory redemption.
- 6Redemption is at the company's option starting August 25, 2011, at $25.00 per share plus accrued dividends.
- 7The Series P Preferred Stock is listed on the NYSE under symbol 'AMB-PrP' and trading was expected to commence September 7, 2006.